Indian mobility market to grow 2X to surpass $600B by 2030: Google-BCG report
Share of four-wheeler EVs is expected to grow in the range of 15-17% by FY30 from 2.2% in FY24
The Indian mobility industry is expected to double and surpass $600 billion by 2030, a report by Google and Boston Consulting Group said on Saturday.
According to the Think Mobility Report, emerging revenue pools such as electric, shared, and connected mobility are poised to contribute $100 billion to the total market by 2030 while a majority of the revenue will come from classic revenue pools comprising classic components, sale of new ICE (internal combustion engine) vehicles, finance and insurance etc.
"The Indian mobility industry is charting its unique course, poised to double and cross $600 billion by 2030," the report said.
Share of four-wheeler (4W) electric vehicles (EV) is expected to grow in the range of 15-17% by FY30 from 2.2% in FY24 while 2-wheeler (2W) EV share is estimated to grow to 35-40% from 5.4% during the reported period.
Around 51% of respondents in the study, expressed concern on non-availability of EV charging infrastructure, 45% about high vehicle cost, 31% about battery life and 20% on a variety of models for 4W EVs, the report said.
"As electric vehicles (EVs) gain momentum, one in three consumers is considering them for their next purchase, with distinct preferences emerging between electric four-wheelers (E4W) and electric two-wheelers (E2W). E4W buyers prioritize sophistication, advanced technology, and exclusivity. In contrast, E2W consumers focus more on practicality, comfort, and affordability," the report said.
According to the report, women now influence 52% of decision-making in the EV space, surpassing the 38% for internal combustion engine (ICE) vehicles.
"There is strong demand in India, approximately 80% for features like infotainment, real-time parking assistance, and anti-theft features, while the demand for globally popular connected features such as remote controls remains relatively low.
"As the market evolves, high-tech solutions should be viewed as tools for personal expression, designed to cater to the diverse preferences of different consumer segments," the report said.